SPAC Market Intelligence
Q4 2025 Industry Report
Post-merger performance, regulatory scrutiny, and the evolution of SPAC economics
The SPAC market entered a more disciplined phase in Q4 2025 as regulatory scrutiny, elevated redemption rates, and uneven post-merger performance reshaped transaction economics.
While overall activity slowed, structured and well-aligned transactions continued to create selective opportunities. This report provides clarity on how SPACs are evolving – and what sponsors, targets, and investors must now consider when evaluating this capital path.
What’s Inside the Q4 2025 SPAC Industry Report
Market Activity & Issuance Trends
- New issuance remaining muted as confidence and economics reset
- Sponsor profiles and incentive structures continuing to evolve
Post-Merger Performance
- Wide performance dispersion among de-SPAC companies
- Operating results increasingly diverging from original projections
Deal Structures & Capital Dynamics
- Redemption rates materially influencing transaction viability
- PIPE financing and backstop arrangements playing a more selective role
Regulatory & Disclosure Environment
- Heightened SEC scrutiny extending timelines and increasing transaction complexity
- Greater emphasis on early-stage risk identification and disclosure discipline
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About Houlihan Capital’s SPAC Expertise
Houlihan Capital supports SPAC sponsors, target companies, and investors with independent valuations, fairness opinions, and transaction advisory services throughout the SPAC lifecycle — from pre-merger analysis to post-transaction support.
SPAC Services: Fairness Opinions | Valuation Analysis | Transaction Advisory | Regulatory-Ready Financial Support
Questions? Contact our SPAC specialists at info@houlihancapital.com or 312.450.8600
This content is for informational purposes only and does not constitute investment advice.